Free Loan Amortization Calculator
Calculate your monthly payments and see exactly how much interest you’ll pay over the life of your loan. Our calculator generates a complete amortization schedule and shows how extra payments can save you thousands.
Perfect for: Business loans, equipment financing, commercial mortgages, and refinancing decisions.
How to Use This Calculator
- Enter Your Loan Amount – The total amount you’re borrowing
- Annual Interest Rate – Your lender’s quoted rate (e.g., 6.5%)
- Loan Term – How many years to repay (e.g., 30 years)
- Start Date – When your first payment begins
- Extra Payment (Optional) – Additional amount you’ll pay monthly to accelerate payoff
Click “Calculate Payment Schedule” to see your complete amortization breakdown.
Loan Amortization Calculator
Calculate your monthly payments and see a detailed amortization schedule
Monthly Payment
Total Interest
Total Paid
Payoff Date
💡 Tip: You can also copy/paste the table below directly into Excel
| # | Date | Payment | Principal | Interest | Balance |
|---|
Understanding Your Results
Monthly Payment
Your consistent payment amount covering both principal and interest. This stays the same throughout the loan (unless you refinance).
Total Interest
The total amount you’ll pay in interest charges over the life of the loan. This is money paid to the lender beyond your original loan amount.
Payoff Date
When you’ll make your final payment if you stick to the schedule (or sooner with extra payments).
Complete Schedule
Every payment broken down showing how much goes to principal versus interest. Notice how early payments are mostly interest, but this ratio improves over time.
Why Extra Payments Make a Huge Difference
Making additional payments toward principal can dramatically reduce your total interest and shorten your loan term.
Real Example:
On a $250,000 loan at 6.5% for 30 years:
- Regular payment: $1,580/month
- Total interest: $318,861
- Add just $200/month extra: Save $67,000 in interest
- Payoff 8 years earlier
Even $50-100 extra per month makes a significant difference. Use our calculator to see your exact savings.
When to Use This Calculator
- Comparing loan offers from different lenders
- Deciding between 15-year versus 30-year terms
- Planning extra payment strategies
- Business equipment financing decisions
- Commercial real estate purchases
- Refinancing analysis and break-even calculations
- Understanding the true cost of borrowing
Export Your Results
After calculating, you have three options:
Download CSV – Immediate download that opens in Excel or Google Sheets
Email to Yourself – Get the complete schedule sent to your inbox
Copy/Paste – Select the table and paste directly into any spreadsheet
Keep your schedule for financial planning and tax documentation purposes.
Need Personalized Loan Guidance?
While this calculator provides accurate estimates, every financial situation is unique. The team at Slaton Financial Services can help you:
- Analyze multiple financing scenarios side-by-side
- Structure business loans for optimal tax treatment
- Review and negotiate lender terms and conditions
- Integrate loan decisions into your overall financial strategy
- Identify tax-advantaged borrowing options
- Plan debt payoff strategies aligned with business goals
We’ve helped hundreds of Dallas businesses secure optimal financing solutions since 1983.
Schedule Free Consultation or call 214-343-0642
Frequently Asked Questions
Is this calculator accurate?
Yes. We use the standard amortization formula that lenders use. However, your actual payment may vary based on origination fees, insurance requirements, and other factors your lender includes.
Can I use this for my mortgage?
Absolutely. This calculator works for mortgages, business loans, equipment financing, auto loans, or any amortizing loan with fixed payments.
What if I want to pay off my loan early?
Use the “Extra Payment” field to see exactly how much time and money you’ll save with additional principal payments. The calculator shows your new payoff date and interest savings.
Should I make extra payments or invest the money instead?
This depends on your loan interest rate versus potential investment returns. If your loan rate is 6.5% and you can earn 8% investing, you might invest instead. However, paying off debt is guaranteed savings. Contact us to discuss your specific situation.
Does this include property taxes and insurance?
No, this calculates principal and interest only. Your actual monthly payment may be higher if your lender requires escrow for taxes and insurance.
What if I have an adjustable-rate loan?
This calculator is designed for fixed-rate loans. For adjustable rates, use the initial rate to estimate early payments, but know that payments will change when the rate adjusts.
About Slaton Financial Services
Since 1983, Slaton Financial Services has provided comprehensive financial guidance to Dallas-area businesses. Our team specializes in business financing, tax planning, bookkeeping, payroll processing, and strategic financial management.
Whether you’re seeking equipment financing, analyzing refinancing options, or planning major purchases, we provide the expert guidance you need to make informed decisions.